Dolphin finds backer to continue harsh environment drilling

The semisubmersible drilling rig Blackford Dolphin.
The semisubmersible drilling rig Blackford Dolphin.
Dolphin Drilling

Offshore staff

OSLO, NorwayDolphin Drilling is set to continue in business after completing a financial restructuring.

This should allow it to continue deploying its semisubmersible rigs and drillships offshore the UK and Norway.

The company’s operating subsidiaries have been transferred to a new holding company, Dolphin Drilling Holdings, which is incorporated in Jersey and which will be net-debt free, with increased financial flexibility.

Previous holding company Dolphin Drilling ASA was set to file for bankruptcy in Norway today and should be wound down.

The new majority shareholder – investment funds advised by Strategic Value Partners – is said to be fully supportive of the contractor and its new management team.

Bjørnar Iversen, incoming CEO of Dolphin Drilling, said: “We now have the firm financial footing we need to win new business.”

06/26/2019

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